Ron,
This is one of the differences between drag racing and landspeed racing. In drag racing they are concerned with the radius from the axel centerline to the ground and when you run a drag slick at 7 psi that distance is alot less than the diameter divided by two and this makes a difference when it comes to acceleration. In landspeed racing the important dimension is the actual circumferance, as land speed tires are typically ran at 60-100 psi or more, there is very little "flatening" of the tread when the tire is on the ground. The circumferance is important because if the the tire is not slipping then for every rotation of the tire the car advances the length of the circumferance. I normally use the old formula for speed that is based upon the tire diameter.
speed= tire diameter X rpm/336 X gear ratio
So I use a machinest "pie" tape which allows you to run the tape around the tire and then gives you the diameter. It is accurate to within about .010 inches. The real "challenge" here is tire growth, top fuel drag slicks grow 8-10 inches in diameter at 300 mph and I am sure that landspeed tires also grow but my guess is much less, probably less than one inch. As far as what the NASCAR and others do by changing car handling with tire pressure changes,there are a lot of ideas as to what the real way that tire pressure changes effect car handling. One is that the pressure change changes the spring rate of the tire and therefore is like changing the suspension spring. This "spring rate" change probably has a very small effect as it is quite small and requires a very rigid chassis to really have any effect. Mark Ortiz, the "Consultant" on suspension in "Racecar Engineering" magazine says that the real effect is that the tire patch changes size and this makes the real traction change. If you happen to be running a landspeed car that has a very narrow track, then these changes have a smaller effect than a car with a full width track.